What is an Oral Will and Why Should I Not Use One?

Author Archives: Phillip A. Baumann

What is an Oral Will and Why Should I Not Use One?

An oral will is most commonly used if a person is too sick or otherwise incapable of writing a traditional will. In using an oral will, the testator (that being the person who makes the will) states his or her wishes aloud in the presence of witnesses, rather than following the formal process of writing […]

Is it Possible to Have a Personal Representative Removed?

As someone planning an estate, it is important you put the proper time and thought into the selection of the best possible personal representative for your estate. Your chosen representative should be someone without conflicts of interest in your estate matters, who is capable of handling all the various tasks associated with the position, who […]

How Frequently Should You Review Estate Planning Documents?

Just because you’ve completed your will signing and secured all your estate planning documents does not mean your estate planning process is over. It is important to revisit these documents periodically to make sure they still apply to your current situation and wishes. Reviewing your estate plan A good general rule is to either review […]

What are Enhanced Life Estate Deeds?

Florida is one of three states (along with Texas and Michigan) that recognizes enhanced life estate deeds, also referred to as “Lady Bird” deeds. The purpose of these estate planning tools is to transfer real estate outside of probate to a beneficiary named in the deed. Under a standard life estate deed, the owner of […]

Tips for Safely Storing Your Estate Planning Documents

Once you’ve completed your estate plan, you must make sure you safely store away the hard copies of the documents you have so they can be protected and secure, yet still available when you need to access them. Below are some tips for ideal storage solutions: Attorney: Ask the attorney you worked with if he […]

Estate Planning Not Just for People with Children

There is a common misconception that estate planning is only really necessary for people who have children to whom they wish to pass down their assets. However, estate planning is so much more than asset distribution — there are many reasons why it’s important for people to develop an estate plan, even if they don’t […]

What You Should Know About Your Beneficiary Designations

Part of planning your estate thoroughly is making sure all your beneficiary designations are in order. There are certain types of assets (generally, financial accounts and insurance policies) that will allow you to designate beneficiaries. These designations allow for an easy transfer of those account benefits to your beneficiary after you pass away. Having this […]

Basic Things to Know about Writing a Will

A last will and testament is the most basic estate planning tool you can use to pass down your assets to your loved ones or charities of your choosing. If you have not yet begun the process of creating your own will, below are just a few things you should know before you get started: […]

Why You Might Consider Naming a Professional Trustee

If your estate plan incorporates one or more trusts, you are most likely serving as the current trustee, with your spouse or partner listed as a co-trustee who would then be able to manage the trust if you become unable to do so due to death or incapacitation. But what happens if your spouse becomes […]

Outlining Your Options to Pay for Nursing Home Care

As part of your estate planning process, it’s important to consider how you will pay for nursing home or other long-term care in the event it becomes necessary later in life. Although this long-term care can be very expensive, there are ways you can get assistance outside using your personal finances alone. The following provides […]